A guy just lost my business. Some of you may find my reason petty, but others will completely agree.
So here’s the deal once a month I spend $80 with this guy. And I’m talking for the last 9 years. So $960 a year and my lifetime customer value to him is $8,640 for 9 years and $28,800 if I continued to be his costumer for the next 30 years.
Now this guy knows I’m great at marketing, he always commends me on my ability to get the word out about my projects.
He constantly want to “pick my brain” about marketing when I’m a customer at his establishment.
Here’s where he lost me as a customer. Last month when my book, Launch and Stand Out, was released I was more than excited to share it with him. I told him where he could purchase the book, which would help him with marketing his business.
He made it clear on two occasions he wouldn’t be purchasing my book, which is fine with me, no sweat of my back.
But then I realized his small town thinking is the reason he can’t understand that him giving up $20 would have him gain $20,000+.
He didn’t realize that, like him I can spend my money anywhere.
He realized that every time I share marketing advice with him I was supporting and helping his business grow, he even implemented some of my strategies when he launched his own store. But he wasn’t willing to “lose” $20 to gain all the content I shared with him in one place.
I have no problem sharing ideas and helping people especially when my primary source of income was Stinky Cakes.
Now that I generate the majority of my income as a business and marketing consultant, author and a public speaker I value the information I posses in a different manner.
Two things to learn from this:
1. As a business owner always look for ways to support your customers. Especially if they are fellow business owners. If you don’t it will cost you in the long run.
2. It’s ok to share your skills with others. But make sure you don’t give the cow away. Get paid for your skills.
Am I wrong for ditching this dud?
Mychal Connolly aka Mr. Stinky Cakes went from being an immigrant dishwasher, to being selected one of America’s Top 100 Urban Entrepreneurs, as well on one of Massachusetts’ Top 40 under 40, for his work as the co-founder of the online baby-gift company Stinky Cakes™. He is the author of the Entrepreneurial, Marketing & Branding Guide: Launch & Standout, in which he teaches entrepreneurs how to start businesses and create brands that customers know, like, trust, remember and buy into to.
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